The Debt Crisis Debate

The Debt Crisis Debate

Corporate & Sovereign Strategy

Whitney Debevoise Who would have thought that finance ministers and central bank governors of the developed world, and leaders of the International Monetary Fund would have devoted a significant portion of their annual meeting in September to the esoteric subject of bond documentation? The global economic environment is the weakest it has been in a decade, there is a growing gap in development levels worldwide and there is a global war against terrorism. Yet the one-page G-10 communiqué issued at the meeting did not mention these subjects. Instead its longest, central paragraph addressed collective action clauses.

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